LIV Golf files for bankruptcy, star players owed more than $5 million

[p]The ‌company has between $500 million and $1 billion ‌in liabilities, and between $100 million and $500 million in assets, according to its Chapter ‌11 petition.[/p][p]LIV Golf said the ⁠bankruptcy will ‌allow it to go forward with the ​support of a new backer, BC Partners Advisors L.P.[/p][p]LIV has ​been preparing for its next iteration ever since the PIF said in ⁠April that ​further investment in the rebel circuit no longer aligned with its strategy and that it would cut funding at ‌the close of the 2026 season. PIF owns 100% of LIV Golf's equity, according to its bankruptcy petition.[/p][p]The PIF has invested more than $5 billion in LIV Golf since its launch in 2022 and the breakaway circuit used massive signing bonuses to ‌poach big-name players from the PGA ​Tour like [a href="https://www.flashscore.ca/player/dechambeau-bryson/vZG7Cn7s/"]Bryson DeChambeau[/a], [a href="https://www.flashscore.ca/player/rahm-jon/h41jCwka/"]Jon Rahm[/a] ‌and [a href="https://www.flashscore.ca/player/johnson-dustin/UqNejxuE/"]Dustin Johnson[/a].[/p][p]Rahm, DeChambeau and Johnson are the company's top three unsecured creditors, according to the petition. Each is owed more than $5 million.[/p]